UPDATE 1-Insurer Lancashire moves into renewables cover

* Sets up co-venture with renewables underwriter GCube

* Shares rise 2.4 percent, off day's high

(Adds details, shares)

LONDON, Oct 8 (Reuters) - British non-life insurer Lancashire Holdings (LRE.L) is tapping into the growing market for renewable energy cover, it said on Thursday.

The company said it has established a co-venture with renewable energy underwriting agency GCube, under which Lancashire will offer excess catastrophe cover on renewable energy risks brought by GCube.

Many renewable energy projects are being built in natural catastrophe zones, Lancashire said. "With governments around the world announcing increasingly ambitious targets for providing energy from renewable sources, the business in this sector can only grow over the coming years," said Lancashire Chief Executive Richard Brindle in a statement.

Shares in Bermuda-based Lancashire, which listed in December 2005, were up 2.4 percent at 530.5 pence ($8.52) at 1425 GMT, having earlier touched an all-time high of 540 pence. ($1=.6223 Pound) (Reporting by Victoria Bryan; Editing by Hans Peters)